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Cyber Insurance for Data Breaches Márk Félegyházi Laboratory of Cryptography and System Security (CrySyS Lab) Department of Telecommunications Budapest.

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Presentation on theme: "Cyber Insurance for Data Breaches Márk Félegyházi Laboratory of Cryptography and System Security (CrySyS Lab) Department of Telecommunications Budapest."— Presentation transcript:

1 Cyber Insurance for Data Breaches Márk Félegyházi Laboratory of Cryptography and System Security (CrySyS Lab) Department of Telecommunications Budapest University of Technology and Economics

2 Laboratory of Cryptography and System Security CrySyS Adat- és Rendszerbiztonság Laboratórium Failure to protect data  2006 May – Department of Veteran Affairs – 28.6m name, SSN, DoB  2007 March – TJ Maxx – 94m credit and debit cards  2008 end – Heartland Payment Systems – 100m credit and debit card info  2011 April – Sony Online – 24.6m accounts Is this going to continue? 2

3 Laboratory of Cryptography and System Security CrySyS Adat- és Rendszerbiztonság Laboratórium Failure to protect data AND  Wall Street Journal, 2007 Sep 22: 3

4 Laboratory of Cryptography and System Security CrySyS Adat- és Rendszerbiztonság Laboratórium Cost of breach is substantial  SME breach of records – cost of $4.16m  Sony breach of 77m records compromised –$171m spent (May 24, 2011) on –total costs? $258 per record – $20.6 billion conservative – $5.6 billion 4

5 Laboratory of Cryptography and System Security CrySyS Adat- és Rendszerbiztonság Laboratórium Solution – Static audits  Payment Card Industry Data Security Standard (PCI DSS) 5 content provider users Malice auditor

6 Laboratory of Cryptography and System Security CrySyS Adat- és Rendszerbiztonság Laboratórium Proposal – Dynamic security monitoring + Insurance 6 content provider users Malice security company cyber-insurance company

7 Laboratory of Cryptography and System Security CrySyS Adat- és Rendszerbiztonság Laboratórium Key points  data value assessment  design a clear data flow in system  monitor data flow  establish security 7 Márk Félegyházi, Crysys Lab, BME-HIT


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